Hi Beale, the way I am reading it, repayment of the notes and the initial BP payment are prerequisites of the whole thing working. If participation falls short, notes are repaid on the undertaking that the shortfall will be in the form of a debt equity swap. So for note holders to be paid in cash, they will require a significant uptake of the rights.
And yes, it's confusing... happy to be corrected if wrong...
Your thoughts, page-73
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